www.iva.co.uk

Hi,

Thought I'd let you know, just had our 1st review and payments are staying the same. We were worried 'cos salary had gone up but we put everything down on I&E form including more expensive fuel bills etc. So I think this is a good and fair result.

Also managed to switch our repayment mortgage over to an interest only with NR so we don't have to pay out an extra £300 month with new interest rate.

All in all I feel less stressed now I know what we have to pay out for the next year.

Julie

That's brilliant news Julie, well done, just relax now eh? Viki X

Well done Julie - Good news..

Thanks both,

I know its not going to be easy but at least the first years over with.

It makes a huge difference looking at this forum and knowing I'm not alone too!!!![:)]

Hi There.

Thats great news.

What percentage payrises did you get? Did you declare the rises before the annual review or did you leave that until the review process itself?

My first annual review comes up in September, i had a 11% payrise in February but havent told my IVA company yet.

Our situation will change as my wife will be going to work 2 days a week in october (currently on maternity leave) so i am worried that i will have to increase payments now if i declare.

any thoughts?

Hi,
The IVa is in my husbands name only - so I didn't have to declare my increase. He had a 4.5% increase in December and as our review was in Feb we didn't mention it until the review.

My argument ( I always have one ready )would have been our council tax, water rates, energy bills, petrol etc had gone up since the start of the IVA so the payrise just covered those increases. Or went towards them.

Through reading the advice on this forum, I learnt to include rises on the I&E form, e.g. in Feb, I found out how much council tax would be likely to go up and I put the new price down.

Hope this helps

Julie

ah i see

what i have been doing for now is chopping the extra cash i have coming in by 50% (around 100 pounds) and putting it into my offset account.

i will then speak to IP case worker to discuss this

thanks

i forgot to add that my review is in September

Good news, I've not heard anything yet about my 2nd annual review so hopefully that will stay the same too as I did the same.

Well i have had extra expense since my payrise 3 months ago (had to pay out 300 pounds alone on daughters playgroup costs until she is 3 years old).

Also Gas, Electricity, council tax , household insurance, car insurance has changed

I dont know whether to keep putting money away until my annual review or tell my IP now.

The reason I;m reluctant is my wife will be working for 2 days a week instead of 3 due to childcare issues (2 kids now) the impact is her take home pay reduces by 375 pounds a month. However we save 1/3 of the childcare costs before my wife was on maternity leave.

Therefore I feel I cannot tell my IP yet as they will want to conductreview my I/E just yet as my payrise is taking care of this defecit

Great news Julie, its also reasurring to people who worry about payments jumping up at reviews[:)]

Zaza78 - sorry I can't tell you exactly what to do,so not much help really.Why don't you ask one of the experts on this forum direct? At least that way you can put your mind at rest. Good luck.